Reverse Mortgages:the Facts

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Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to use their equity without selling their home. Choosing between a monthly payment, a line of credit, or a lump sum, you can receive a loan amount determined by your home equity. Paying back your loan isn't necessary until when the borrower sells the property, moves (such as into a retirement community) or passes away. You or your estate representative must pay back the reverse mortgage loan, interest accrued, and finance charges after your home is sold, or you no longer live in it.

Who can Participate?

The requirements of a reverse mortgage generally include being sixty-two or older, maintaining the house as your main residence, and holding a low remaining mortgage balance or having paid it off.

Many homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits won't be affected; and the money is not taxable. Reverse Mortgages can have adjustable or fixed rates. Your lender is not able to take away your residence if you outlive your loan nor may you be made to sell your residence to pay off your loan amount even if the balance is determined to exceed property value. Call us at (816) 525-8000 & (81 if you would like to explore the benefits of reverse mortgages.